Deep-tech VC, Madrid

Bullnet Capital

Venture capital firm · Madrid · Founded 2001

Quick read

Bullnet Capital is a deep-tech VC founded in 2001, headquartered in Pozuelo de Alarcón (Madrid), Spain. Founded by former research professors Miguel del Cañizo and Javier Ulecia, the firm has spent over two decades backing university and research-centre spinouts in photonics, microelectronics, enterprise software, and medical devices. Its fourth fund, backed by a €28M EIF commitment, now manages a cumulative ~€140M across four vehicles.

Key facts

Founded
2001
Founders
Javier Ulecia, Miguel del Cañizo
Employees
1-10
Sectors
enterprise, hardware, ai, healthcare
Website
bullnetcapital.com

Investment thesis

Bullnet Capital backs early-stage deep-tech spinouts from Spanish universities and research centres, focusing on companies with proprietary technologies in enterprise software, photonics, microelectronics, medical devices, and scientific instrumentation. The firm takes a hands-on role in portfolio management, acting as a strategic partner from day one rather than a passive capital provider.

Recent activity

  • Jun 2026investment
    Bullnet Capital led a €2 million round in FlexiiC, a spin-off of the Institute of Microelectronics of Barcelona (IMB-CNM, CSIC). FlexiiC develops organic and flexible integrated circuits based on thin-film transistors. Bullnet described it as the second deal closed in two weeks. es.linkedin.com
  • Jun 2026press
    Javier Ulecia spoke at 4YFN Barcelona 2026, citing 30+ portfolio companies and over €170 million under management across Bullnet's funds. 4yfn.com
  • Apr 2026press
    Capital & Corporate published an interview with founding partners Javier Ulecia and Miguel del Cañizo reviewing nearly 25 years of deep-tech investing in Spain and the status of Bullnet Capital IV, which is in its final investment phase. es.linkedin.com
  • Apr 2025investment
    2EyesVision, backed by Bullnet Capital and Innvierte-CDTI, closed a €2 million round to accelerate international expansion. crunchbase.com
  • Oct 2025investment
    2EyesVision launched a separate €1 million funding round with support from Capital Cell, again backed by Bullnet and CDTI. crunchbase.com
  • Jul 2025press
    Bullnet Capital joined forces with MIT and the city of Málaga on an initiative to position Málaga as a strategic microelectronics hub. crunchbase.com
  • 2025fundraise
    Bullnet Capital announced the Bullnet Opportunity Fund, targeting €20–25 million. The vehicle will follow on into existing portfolio companies from funds II and III, with a focus on research-centre and university spin-offs. The firm is in talks with existing LPs, new private investors, the European Investment Fund, and Next Tech. elreferente.es
  • Apr 2026investment
    Bullnet Capital led an investment round in Impetux Optics, a University of Barcelona spin-off focused on advanced microscopy technology. ecosistemastartup.com
  • Apr 2025fundraise
    Bullnet Capital launched the Bullnet Opportunity Fund, targeting 20–25 million euros. The vehicle is earmarked exclusively for follow-on investments in existing portfolio companies originally backed by Bullnet Capital II and III, with a focus on university and research-centre spin-offs. elreferente.es
  • May 2024investment
    Bullnet Capital made a follow-on investment in MLCode, a Barcelona-based startup building a software platform for AI data management and LLM risk monitoring. MLCode had received its first Bullnet investment in June 2023. mlcode.io
  • Jul 2023investment
    Bullnet Capital led a funding round in Deep Detection, an IFAE spin-off developing X-ray inspection technology for food safety. TTAF, Vigo Ventures, and Intempo Ventures co-invested. ifae.es
  • May 2026investment
    EJASO advised Bullnet Capital on a €2.5M investment in Impetux Optics, a Universitat de Barcelona spin-off specialising in advanced photonic instrumentation for life sciences. The round is backed by the EU's InnovFin SME Guarantee under Horizon 2020. ejaso.com

Notable investments

Key people

Named individuals at the firm. We don't expose direct email or phone — use their LinkedIn for outreach.

  • Javier Ulecia · Founding Partner
  • Miguel del Cañizo · Founding Partner
  • Jorge Fernandez Quesada · Partner
  • Pedro Sainz de Baranda · Founder & Managing Partner
  • Javier Rubio · Founding Partner

Sources

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Frequently asked

What is Bullnet Capital?+

Bullnet Capital is a deep-tech VC founded in 2001, headquartered in Pozuelo de Alarcón (Madrid), Spain. Founded by former research professors Miguel del Cañizo and Javier Ulecia, the firm has spent over two decades backing university and research-centre spinouts in photonics, microelectronics, enterprise software, and medical devices.

Where is Bullnet Capital headquartered?+

Bullnet Capital is headquartered in Madrid, Spain.

When was Bullnet Capital founded?+

Bullnet Capital was founded in 2001 by Javier Ulecia, Miguel del Cañizo.

What sectors does Bullnet Capital invest in?+

Bullnet Capital focuses on enterprise, hardware, ai, healthcare. They primarily invest in these sectors.

How do I prepare for a meeting with Bullnet Capital?+

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Generated by briefthecall.com from public web sources. Last updated August 9, 2026. Each claim is linked to its source above.

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